by Kevin Stocklin
The Epoch Times
The U.S.–Israeli war with Iran has brought heightened volatility to energy and equity markets, with the price of oil rising from about $65 per barrel of crude before the war to a high of $119 on March 9, before falling back to its current level of about $100. If oil supplies from the Middle East continue to be disrupted, the effects are expected to translate into higher gasoline prices in the United States.
Energy analysts say that in the coming days and weeks, there is limited potential for producers outside the Persian Gulf to make up for shortages fast enough to reverse price hikes. However, if oil prices remain elevated for an extended period, more production in the United States and South America could come online to fill the gap, although it will take some time…
“There is no chance that U.S. oil companies can ramp up anytime soon to prevent temporary gas price hikes,” Steve Milloy, senior fellow at the Energy and Environment Legal Institute and former adviser to the Trump administration, told The Epoch Times.
“We are producing at record levels, and this only covers about two-thirds of our daily needs. We could improve this in the future, but that would be in the future.”…
“If the U.S. can control Venezuelan and Iranian oil production, Trump will be the first U.S. president to gain a strategic leg up on China,” Milloy said. “China’s Achilles’ heel is that it is relatively oil poor and dependent on global production to a much greater extent than the U.S.”..,
If the United States can gain control over exports from Iran and Venezuela, it would be “a major strategic advantage for the U.S.,” Milloy said, noting that this could possibly constrain China’s ambitions to invade Taiwan or affect its ability to maintain dominance in markets such as electric batteries.
